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The FinTech Alliance.PH expressed optimism that the proposed Konektadong Pinoy law would boost broadband infrastructure development in rural areas, leading to an increase in the number of Filipinos with transaction accounts.
Access to affordable, reliable and secure internet is essential for the widespread adoption of digital payments. The BSP’s 2019 Financial Inclusion Survey revealed that many Filipinos are hesitant to engage in online financial transactions due to factors such as lack of trust, awareness, and poor internet connectivity.
These features of Konektadong Pinoy are envisioned to accelerate the growth of the fintech industry, digital payments, and the creation of transaction accounts, aligning with the government’s push for financial inclusion.
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